Calumet, Michigan Property Taxes
The median property tax rate in Calumet, MI is 0.84%, which is lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $62,834 in Calumet, the typical annual property tax bill amounts to $495, significantly below the national median of $2,690. Property taxes in Calumet are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Calumet's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Calumet or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Calumet, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$528
Ownwell’s Calumet Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Calumet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Calumet to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Calumet, Michigan
Property taxes in Calumet, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Calumet is 0.84%, lower than the U.S. national median of 0.99%. Local government entities within Calumet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Calumet estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Calumet's effective property tax rate to other areas in Michigan and the national median. For comparison, the 49913 zip code has both the highest and lowest median property tax rate of 0.84%. Understanding how these areas compare with Calumet provides valuable insights into the varying tax landscape across Houghton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Calumet Tax Rate
0.84%
Average Houghton County Tax Rate
0.94%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Calumet, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49913 | 0.37% | 0.56% | 0.84% | 1.22% | 1.91% |
Source: Ownwell
Property Tax Assessment Values Across Calumet, Michigan
In Calumet, Michigan, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the local appraisal district for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Calumet, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the median home price in Calumet is $62,834, with tax bills ranging from $260 at the 25th percentile to $1,491 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Calumet Assessed Value
$62,834
Average Houghton County Assessed Value
$95,531
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Calumet, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49913 | $6,000 | $35,262 | $62,834 | $100,198 | $185,668 |
Source: Ownwell
Property Tax Bills Across Calumet, Michigan
Property tax bills in Calumet, Houghton County, MI, are determined based on the assessed value of a property and the local tax rate. The median home price in Calumet is $62,834. Homeowners are taxed at rates that result in a range of tax bills. For instance, the 25th percentile tax bill is $260, while the 75th percentile tax bill is $856, and the 90th percentile tax bill can reach up to $1,491. These tax bills are influenced by various factors, including the property's assessed value and any applicable exemptions or deductions. The highest and lowest median tax bills in Calumet are both $495, which is significantly lower than the national median property tax rate of 0.99%. This relatively low property tax burden can make homeownership more affordable in the area. However, homeowners should be aware of how fluctuations in property values or changes in local tax rates could impact their annual tax obligations. Understanding these factors is crucial for effective financial planning and property management.
Average Calumet Tax Bill
$495
Average Houghton County Tax Bill
$879
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Calumet, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49913 | $77 | $260 | $495 | $856 | $1,491 |
Source: Ownwell